Measurable Data Token (MDT) experienced a significant surge of almost 170% on July 25, propelling its price to a six-month high of $0.043. This sudden uptick in value has piqued the interest of investors and analysts alike, prompting speculation about the potential for further gains in the near future.
The driving force behind MDT’s price increase appears to be the recent launch of RewardMe 2.0, a platform that has integrated MDT as its new cryptocurrency reward token. This development was announced by the RewardMe team in a post on X on July 22. With the introduction of MDT as the platform’s primary reward option, users now have the opportunity to receive rewards in MDT, which can be utilized as both a cashback and staking token within the app.
The transition from the legacy ME token to MDT signals a shift towards a more blockchain-integrated rewards system, positioning MDT at the forefront of the platform’s future growth. Measurable Data operates as a decentralized data exchange protocol that powers applications like RewardMe, enabling users to earn cashback by anonymously contributing purchase data for aggregation and sale to data buyers.
Despite the recent surge in price, MDT is currently showing signs of potential short-term profit-taking, as indicated by the Relative Strength Index entering overbought territory. However, on-chain metrics suggest a positive outlook for MDT in the short term, with a decrease in the total supply of MDT held on exchanges indicating reduced sell-side pressure.
Technical analysis of MDT’s price chart reveals a breakout from a falling wedge pattern that had been forming since December 2024. This bullish reversal pattern, coupled with a golden cross formation between the 50-day and 200-day moving averages, suggests a shift towards a more bullish trend in the market.
The Aroon indicator further supports this positive outlook, with strong uptrend readings and minimal downward pressure. These indicators collectively point towards a constructive short-term outlook for MDT, with a potential price target of $0.035 in the near future.
However, investors should remain cautious, as a drop below $0.0146 could invalidate the current setup. Overall, the recent developments surrounding MDT and the technical indicators suggest that the token may be gearing up for further gains in the coming days. It will be interesting to see how the market responds to these developments and whether MDT can sustain its momentum in the long run.